Does Life Insurance offer global coverage?
Will the policy stay effective if the insured leaves Hong Kong?
The insured person refers to the person covered by the policy. If the insured person passes away under the conditions covered by life insurance, such as accidental death, the policy will pay out the designated amount to the beneficiary. Generally, as long as the conditions are met and within the insurance period, the insured person’s death in any location should not affect the compensation.
However, leaving Hong Kong can take different forms, such as short-term travel, working abroad for a few months, or even immigrating and permanently leaving Hong Kong. Different situations may have different implications. Generally, short-term travel and working abroad for a few months are considered temporary absence from Hong Kong and usually do not affect the coverage. However, immigrating or permanently leaving Hong Kong requires special attention.
In principle, not only life insurance but also medical insurance, etc., may have adjustments to the coverage or may not be covered anymore due to changes in residency, citizenship, or tax residency, etc. after the implementation of immigration. If leaving Hong Kong for an extended period, the policyholder should notify the insurance company as soon as possible to protect their own rights and fulfill their responsibility as the policyholder.
What documents should beneficiary prepare if the insured dies while aboard?
When the insured person passes away, documents need to be provided for the claim, including proof of the insured person’s identity and death certificate, as well as proof of the beneficiary’s identity. If the insured person passes away abroad, the prerequisite is to obtain the relevant death certificate in that location, and it may also require an “Identity Cancellation Certificate” issued by the Hong Kong Immigration Department.
By the way, if there are plans to leave Hong Kong, it is recommended that the insured person review their policy. If no beneficiary is specified or the beneficiary is no longer valid, the death benefits may become an inheritance, which requires going through the inheritance process before it can be received. These are general and important matters to note.
If the insured passes away in Hong Kong, is that a must for the beneficiary to submit claim in Hong Kong?
“Traveling around the world” is not limited to the insured person, the beneficiary can also “travel around the world”. For example, if a father purchases life insurance as the insured person and his children as the beneficiaries are studying abroad, if an unforeseen event occurs and a claim needs to be made, the insured person should review their end-of-life arrangements, consult legal professionals, and designate an executor to make it more convenient to obtain the death certificate in Hong Kong.
After the insurance company receives the relevant documents and verifies the identities of the relevant parties, the beneficiary may not need to return to Hong Kong in person to handle the relevant procedures. However, as each case and policy may be different, the insured person can inquire with the insurance company for more specific processing procedures. Generally speaking, in the case of “traveling around the world”, it is recommended to prepare for wealth inheritance arrangements, such as a will, in advance.
Does Bowtie Life Insurance offer global coverage?
After successfully applying for Bowtie Life Insurance, if the insured person unfortunately passes away during the coverage period, Bowtie will provide compensation according to the coverage summary. The plan provides coverage for insured persons residing in Hong Kong, so if the insured person travels briefly for business or tourism outside of Hong Kong, they will still be covered.
All Bowtie policies will not be canceled due to a change in residency (except for sanctioned countries/regions). Bowtie also reminds insured persons to update their information, including changes in residency, in a timely manner. If the insured person plans to permanently or long-term move abroad, they can contact Bowtie and Bowtie will review each case individually. If the insured person has already moved abroad, they can also contact Bowtie at any time for review.
For Bowtie Life Insurance, if the country/region where the insured person moves to is on the following list*, no additional premium needs to be paid. If the insured person moves to a country/region outside of this list, Bowtie will review each case individually, and the insured person may need to pay an additional premium.
- Mainland China (excluding Tibet and Xinjiang)
- New Zealand
- South Africa (only applicable to Johannesburg, Cape Town, and Durban)
- South Korea
- United Kingdom
- United States